Lengthy Approval Times Add Up To $50K To GTA Condo Prices: BILD

6:00 AM Sep 27, 2022

“With the average approval timeframe across the GTA now being 21 months, and with approvals in some municipalities stretching to 32–34 months, not only are municipal inefficiencies and delays slowing the addition of housing supply, but they are also adding directly and indirectly up to $3.30 per square foot to the cost of a new home,” said Dave Wilkes, President and CEO of BILD.

“Simply put, unless major changes are made to streamline approval processes for smaller applications, the extremely high ‘per unit’ time investments required by the municipal review process for smaller applications will contribute to making housing forecasts difficult to achieve and put a significant strain on finite staffing resources to review the larger, more complex files that may better merit greater attention,” the report reads..

It then goes on to say that it’s reforms at the provincial level that may be needed to speed up approvals, as cities are bound by set requirements laid out in the Planning Act and other related statutes.

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